Manoj Kumar Agarwal vs. Income Tax Officer, Ward-45(2), Delhi

Parties Involved

Facts Summary

The assessee, Manoj Kumar Agarwal, filed his return of income for the year 2017-18 declaring a total income of Rs.4,93,960/-. His case was selected for scrutiny due to cash deposits during demonetization and an abnormal increase in sales with a decrease in profitability compared to the preceding year. The assessee deposited Rs.28,45,000/- during demonetization in his bank account, claiming these were business receipts. The Assessing Officer (AO) added Rs.19,25,000/- as unexplained money. The Commissioner of Income Tax (Appeals) deleted an addition of Rs.9,20,000/- but confirmed the addition of Rs.19,25,000/-. The assessee argued that he started a new business on 3rd September, 2016, which explained the increase in sales and deposits.…

Legal Issues

• 1. Whether the addition of Rs.19,25,000/- by the Assessing Officer is justified?

Judgment Outcome

Decided in favour of Assessee.

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